Department of Economics
Hong Kong University of Science and Technology
Clear Water Bay, Kowloon
Hong Kong

Email: yanglu@ust.hk

Tel: +852 2358 7619

Office: 6059 LSK Bldg

Web site: http://yanglu.people.ust.hk



Current Position

Associate Professor (with tenure), HKUST                                      July 2018 – Present

Assistant Professor, HKUST                                                            Sep 2010 – June 2018


Past Position

Postdoctoral Scholar, European University Institute                            Sep 2009 – Aug 2010



Ph.D., Economics, Boston University, Boston MA, May 2009

Dissertation Title: Macroeconomics, Econometrics and Game Theory of Regime Changes

Committee: Robert G. King, Pierre Perron, Barton Lipman and Christophe Chamley


B.A., Economics (with distinction), Fudan University, Shanghai, China, 2004


Fields of Interest

Information and Learning in Macroeconomics and Finance,

Empirical Macroeconomics and Finance, Time Series Econometrics


Publications in refereed journals or conference Proceedings

1.       Haq, Ehsan-Ul, Yang K. Lu and Pan Hui. “It’s all Relative! A Method to Counter Human Bias in Crowdsourced Stance Detection of News Articles” (2022) In Proceedings of the 25th ACM Conference on Computer-Supported Cooperative Work and Social Computing (CSCW 2022)

2.       King, Robert G. and Yang K. Lu. “Credibility and Explicit Inflation Targeting” (2022) Essays in Honor of  Marvin Goodfriend: Economist and Central Banker, FRB Richmond

3.       Edmond, Chris and Yang K. Lu. “Creating Confusion” (2021) Journal of Economic Theory, Vol 191, 105145

4.       Che, Jiahua, Kim-Sau Chung and Yang K. Lu. “Decentralization and Political Career Concerns” (2017) Journal of Public Economics, Vol 145, 201-210

5.       Lu, Yang K., Robert G. King and Ernesto Pasten. “Optimal Reputation Building in the New Keynesian Model” (2016) Journal of Monetary Economics, Vol 84, 233-249

6.       Chen, Heng, Yang K. Lu and Wing Suen. The Power of Whispers: A Theory of Rumor, Communication and Revolution” (2016) International Economic Review, Vol 57, Issue 1, 89-116

7.      Lu, Yang K. “Optimal Policy with Credibility Concerns” (2013) Journal of Economic Theory, Vol 148, Issue 5, 2007-2032

8.      King, Robert G., Yang K. Lu and Ernesto Pasten. “Managing Expectations” (2008) Journal of Money, Credit and Banking, Vol 40, Issue 8, 1625-1666

9.      Lu, Yang K. and Pierre Perron. “Modeling and Forecasting Stock Return Volatility using a Random Level Shift Model” (2009) Journal of Empirical Finance, Vol. 17, Issue 1, 138-156

Other publications

“Communicating Accountability”, Government Gazette, April/May 2010, Centre for Parliamentary Studies, London, UK

“What Causes the Quick Development of Private Corporations in China: An Incentive Mechanism for Entrepreneur” (in Chinese) (2003) Contemporary Finance & Economics, Special Issue: 294-296.


Working Papers

“Evolving Reputation for Commitment: The Rise, Fall and Stabilization of US Inflation” (with Robert G. King) Nov 2023, Resubmitted to Journal of Monetary Economics

“The Signaling Effects of Sovereign Borrowing” (with Bowen Qu) Feb 2023, Resubmitted to Journal of International Economics

“Learning, Rare Disasters and Asset Prices” (with Michael Siemer) Jan 2016

“Coordinating Expectations and the Information Role of Policy” (with Ernesto Pasten) June 2009.


Presentations (* Scheduled)

2023: Hong Kong Baptist University*, Rochester, OSU, BU, UPenn, FRB-Philadelphia, UVa, Southern Methodist University, City University of Hong Kong, AMES (Beijing), AMES (Singapore), the 31st East Asian Seminar on Economics(Tokyo), 11th Shanghai Macroeconomics Workshop

2022: AMES (Shenzhen), AMES (Tokyo), 5th HKUST and Jinan Joint Macro Workshop, SaMMF   Workshop on Inflation (Virtual), Bank of Chile (Virtual), Chinese University of Hong Kong

2021: VEAMS, 4th HKUST and Jinan Joint Macro Workshop, HKU

2020: Econometrics Society World Congress, SHUFE

2019: AMES (Xiamen), 2nd HKUST and Jinan Joint Macro Workshop, CICM (Shenzhen), LAEF conference on Credibility (UC Santa Barbara)

2018: 1st HKUST and Jinan Joint Macro Workshop, Guanghua School of Management at Peking University, University of Melbourne, HKUST Macro Workshop, AFR Summer Institute of Economics and Finance, Shanghai Macro Workshop

2017: National University of Singapore, Singapore Management University, Nanyang Technological University, CUHK(SZ), Shanghai Forum, AMES(Hong Kong), HKUST Macro Workshop, Shanghai Macro Workshop

       “Decentralization and Political Career Concerns”

       2015: Sogang University (Seoul)

       2014: NTU (Singapore), Workshop on China Studies at HKU (Hong Kong)

 “The Power of Whispers: A Theory of Rumor, Communication and Revolution”:

2014: CUHK (Hong Kong), IAE/UAB (Barcelona)

2013: Fed-Chicago, Peking University HSBC Business School (Shenzhen)

2012: Toulouse School of Economics, European University Institute

“Optimal Monetary Policy with Imperfect Credibility”

2013: Midwest Macro Meeting (UIUC), SED (Seoul), Tsinghua Workshop in Macroeconomics (Beijing)

2012: 9th Journées of the Foundation (Bank of France, Paris)

2011: Fudan University (Shanghai), Max Weber Lustrum Conference (Florence), 2nd Shanghai Macroeconomic Workshop

 “Learning and Asset Prices in a Rare Disaster Model”:

2012: Guanghua School of Management, Peking University.

2011: Shanghai University of Finance and Economics, Midwest Macro Meeting (Nashville), CDMA Conference (St. Andrews, UK), Economic Dynamics Workshop (Shanghai)

2010: Max Weber June Conference (Florence)

        Credibility Concerns in Optimal Policy Design

      2010: LSE public lecture, Toulouse School of Economics, LUISS, Midwest Macro Meeting, BMRC-QASS Conference (London), Shanghai Macroeconomic Workshop, Econometric Society World Congress

      2009: UC-Santa Cruz, FRBs(Richmond, Kansas City, Philadelphia), UChicago-Booth,

                City U of HK, Chinese U of HK, HKU, HKUST, EUI

      2008: BU-BC Green Line Macro Meeting

“Managing Expectations”:

2008 SED (Boston), 2008 NASAM (Pittsburgh)

“Coordinating Expectations and the Information Role of Policy”:

2010 SED (Montreal), 2009 NASAM (Boston), 2008 FEMES (Singapore)



JME 2008 Conference on “Monetary Policy under Imperfect Information”, Gerzensee Switzerland, 2008

Conference in honor of Ernst Baltensperger, Bern Switzerland, 2007

2nd Lindau Meeting with Nobel Laureates in Economic Science, Lindau Germany, 2006


Teaching Experience

Instructor, Macroeconomic Theory I, HKUST

Instructor, Managerial Macro, HKUST

Instructor, Introductory Macro, HKUST

Instructor, Economics Ph.D. Math Camp, Boston University, Summer 2007, 2008


other Professional Experience

Invited Discussant for “Scarcity of Safe Assets, Inflation, and the Policy Trap” by David Andolfatto and Stephen Williamson, Monetary Policy in a Global Setting: China and the United States, Tsinghua University, 2015

Co-organizer: Conference on “The 2007-2010 Financial and Economic Crisis: Causes, Consequences, and Policy Responses,” Max Weber Programme, EUI, Florence, Italy, 2010

Invited Discussant for “The Stability of Macroeconomic Systems with Bayesian Learners,” by James Bullard and Jacek Suda, Banque de France Seminar Series, 2009


Referee Experience

American Economic Review, Journal of Political Economy, Journal of Monetary Economics, Journal of Economic Theory, AEJ-Economic Policy, Scandinavian Journal of Economics, Canadian Journal of Economics, International Journal of Central Banking, Economics Letters, B.E. Journal of Economic Analysis and Policy, Journal of Macroeconomics, Annals of Finance, Journal of Banking and Finance, Journal of Empirical Finance, International Review of Economics and Finance, China Economic Review, Bulletin of Economic Research


Fellowships and Awards

HKUST VPRDO 30 for 30 Research Initiative Scheme, 2023-2025

Hong Kong RGC General Research Fund # 16502022, 2022-2024

Hong Kong RGC General Research Fund # 16501419, 2019-2021

Hong Kong RGC General Research Fund # 16504317, 2017-2019

Hong Kong RGC General Research Fund # 742112, 2012-2014

Hong Kong RGC General Research Fund # 643811, 2011-2013

Research Grant, Foundation Banque de France, 2010-2011

Max Weber Fellowship, European University Institute, Florence, Italy, 2009-2010

Dean’s Fellowship, Boston University, 2004

First-rate People’s Scholarship, Fudan University, 2001-2004

Excellent Graduate of Shanghai, 2004



Fluent in English and Native in Chinese


Computer Skills: MATLAB, GAUSS, R


References: Available upon request                         


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